VINCI Park, via LAZ Parking becomes on-street parking operator in Chicago

18 December 2008 - New contracts - United States of America

The City of Chicago announced on 2 December 2008 that it has awarded a 75-year concession contract for 36,000 on-street pay parking spaces to an investor group headed by Morgan Stanley Infrastructure. Under the terms of the concession contract, the largest of its kind in the United States, the investor group has awarded to LAZ Parking, a VINCI Park subsidiary, exclusive management of the contract for a period of seven years.

The role of LAZ Parking, which will not be making any capital investment, will be to provide technical maintenance of the parking meters, on-ground signage, revenue collection and application of parking fines. LAZ Parking is also charged with improving payment collection methods for the investor group’s benefit. Over the next two years, LAZ Parking will gradually replace the standard parking meters with equipment that will accept innovative new payment methods using cards and mobile phones.

LAZ Parking already manages 9,200 spaces at four city-centre parking facilities under Millennium Park in Chicago on behalf of Morgan Stanley Infrastructure. In addition to winning the new contract LAZ Parking’ Millennium Park contract is being extended by seven years.

LAZ Parking, which has been 50% owned by VINCI Park since 2007, currently manages more than 800 parking facilities and 300,000 parking spaces in 88 towns and cities in 18 states throughout United States.

 

About VINCI
VINCI is a global player in concessions, energy and construction, employing 280,000 people in more than 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.